Managing a condo HOA successfully is no easy feat. Since they pay fees to a homeowner’s association in their condominium community, the people who live there have high expectations for how the association should manage its money. In addition to determining the allocation of funds, it is also your responsibility to maintain common areas and decide what homeowners can and cannot do with their property. You are bound to hear many opinions each day and must understand that not everyone will be happy with your decisions. You can only strive to be thorough and fair with condo HOA management.
Identify Primary Areas of Responsibility
A software program can help you determine the primary obligations of the condo HOA. Some of the most common ones include:
- Building and pool maintenance
- Upkeep of recreational rooms and other commonly shared spaces
- Trash and recycling pick-up
- Building security
- Emergency response to severe weather, attempted theft, fire, and other unplanned events
- Holding condo owners responsible for abiding by association rules
- Complaint resolution
- Holding monthly meetings for the condo community
- Collecting condo HOA fees
Once you have a clear understanding of your primary responsibilities, you can move forward with a condo community management plan.
Determine How Much Outside Assistance You Need to Operate the Facility
Managing a condo community is too big of a job to do on your own. You will require assistance from outside vendors to provide various types of maintenance such as trash pick-up and lawn mowing. After reviewing your needs and budget, collect price quotes from several local companies and hire the ones that can provide the highest quality of service at the most affordable price. You should be the one to determine what constitutes quality work. If your vendors cannot meet your standards, do not hesitate to replace them.
Take Your Time in Creating the Annual Budget
At Beacon, we recommend that managers of condo associations send a survey to property owners during the last quarter of the year. This will give you plenty of time to collect the results and follow up with those who do not respond. When it comes time to start the annual budget, it is a good idea to use Microsoft Excel or a similar spreadsheet program.
To ensure that the budget covers all needed expenses, start by listing the largest areas of repair such as roof replacement. You will then want to allocate adequate amounts for the following areas:
- Asphalt upkeep and/or replacement
- Exterior painting
- General cleaning and maintenance
- Heating, air conditioning, and ventilation
- Pest Control
Of course, these are only some of the general areas of expenses that you need to allocate for in your annual budget. If you know of others, be sure to make room for them. You will also need to leave some funding available for emergencies.
Make the Best Use of Condo HOA Meetings
The monthly meeting with residents of the condo is the perfect opportunity to address concerns in a respectful and efficient manner. Remember that most legal battles with condo associations start with a small issue that the condo owner did not feel was properly addressed. Beacon is also available to assist you with planning so you can run the most efficient condo community possible.